Case Studies

€ 60 m syndicated loan arranged for Montana Tech Components AG

In addition to the € 135 m SSD, in winter 2016, NORD/LB together with a banking consortium arranged a syndicated loan with a volume of € 60 m and, therefore, extended and increased the existing financing.

The syndicated loan is for general corporate financing purposes as well as for the refinancing of existing loans.

The Montana Tech Group is a technology-oriented industrial group and has a broadly diversified business model that is divided into four operating divisions: Aerospace Components, Metal Tech, Energy Storage (VARTA AG) and Industrial Components. Overall, the group commands leading market positions in fast-growing markets and focuses on key technologies. In view of its wide diversification MTC has only a low degree of cyclicality.

€ 135 m Schuldscheindarlehen (bonded loan) arranged for Montana Tech Components GmbH

In autumn 2016, NORD/LB together with a banking consortium arranged a Schuldscheindarlehen (SSD) with a volume of € 135 m and, therefore, the fourth very successful transaction of this type.

The SSD is for general corporate financing purposes and the refinancing of existing loans.

Montana Tech Components GmbH acts as a financing and management company for the Montana Tech Group. The 100% shareholder of MTC is the Montana Tech Components AG, which was founded in 2006. The Montana Tech Group is a technology-oriented industrial group and has a broadly diversified business model that is divided into four operating divisions: Aerospace Components, Metal Tech, Energy Storage (VARTA AG) and Industrial Components. Overall, the group commands leading market positions in fast-growing markets and focuses on key technologies. In view of its wide diversification MTC has only a low degree of cyclicality.

Bonded loan of EUR 350 million arranged for freenet AG

After freenet AG's successful placement of a bonded loan with a volume of EUR 560 million back in spring 2016, an arranger syndicate, including the Joint Lead Arranger NORD/LB, enabled the company to place another bonded loan of EUR 350 million.

The purpose of this bonded loan is to finance part of the syndicated loan agreed in March 2016. This transaction has allowed freenet to confirm its investment grade rating.

The freenet Group is Germany's largest network-independent telecommunications provider. The Group has also established itself in the digital lifestyle segment as a provider of customer household solutions that do not necessarily have to relate directly to telecommunications.

The freenet Group does not operate its own network infrastructure – it markets the mobile communications services of other mobile network operators under its own brand and on its own account. Alongside its own network-independent services and deals in the contract, no-frills and pay-as-you-go segments, the company also offers the network operators' original deals.

Duravit Group - off-balance sheet solution

A low-cost and liquidity-preserving financing structure, which was tailored to DURAlog Duravit Logistik GmbH, combines need-based leasing with funds from the Kreditanstalt für Wiederaufbau (Reconstruction Loan Corporation).

In the industry, the Duravit Group is considered one of the leading providers in matters related to bathroom design and covers the entire area of bathroom furnishing with sanitary ware, bathroom furniture, accessories, bathtubs/sinks and wellness ideas. Duravit operates 27 investment companies around the world and is present in over 90 countries. The increase in sales within the Duravit Group led to a need for optimisation and expansion in the existing logistics capacity for the 100% logistics subsidiary DURAlog Logistik GmbH (in short: DURAlog). DURAlog is responsible for the execution of services in the area of logistics and transport and operates a central storage facility in Aachen. The planned expansion of the logistics capacity was supposed to be handled through the construction of a fully automated high bay warehouse on land already owned by the Duravit Group.

In collaboration with the leasing subsidiary LHI Leasing GmbH and in close coordination with the Duravit Group, NORD/LB structured a need-based, off-balance sheet financing solution for the construction of the high bay warehouse. We implemented the project with an investment sum in the double-digit million range through build-and-lease-back financing with the inclusion of funds from the Kreditanstalt für Wiederaufbau (Reconstruction Loan Corporation). The combination of both financing alternatives made it possible to provide low-cost and liquidity-protecting financing for the Duravit Group.

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